Financial Literacy for Kids
When it comes to sharing financial literacy basics, it’s about providing support, modeling positive money habits and serving as a living, breathing example of financial wellness.
Remember, it’s never too early to start teaching kids about money. Good skills, that are learned at an early age, can have a lasting impact on the rest of your child’s life. In fact, this is one of the most important areas where you can truly change the course of your child’s life. Financial literacy for kids can be fun. Educating your children about financial wellness will help them build healthy spending habits for the future.
Offered below are several suggestions to incorporate financial literacy into your child’s life:
- Play Games That Involve Money: Play games that include a financial component like Monopoly or Life and help your child strategize during the game.
- Make a Wish List With Your Child: An important part of financial literacy is creating a set of priorities.
- Teach While You Shop: Take your child shopping and actively explain your decision-making process.
- Link Allowance to Chores: To teach your child that money is earned through work, make sure the connection between an allowance and chores is clear.
- Split Money into Categories: Every time you give them their allowance, talk them through how they plan to allocate their funds.
In short, teaching children about finances can be easier than it might seem. It just takes a bit of forethought, a little patience, and some creativity. Once your child learns the basics of finances, you can increase their financial responsibilities by upping their allowance or bringing them into the conversation about family financial matters.
And remember, a financially literate child grows into a financially responsible adult!
This information was provided by our financial wellness partner, GreenPath. They are a national non-profit that has been helping people manage their finances for over 60 years. Visit the website to read other articles on this topic and learn more about GreenPath.
In addition to a traditional share/savings account for children of any age, the credit union offers an account specially designed for teens. PowerU is an account just for members aged 13-21. Learn more.
